The seasonally adjusted pace of existing-home sales across the U.S. fell 3.4 percent in September to an annual rate of 5.15 million sales, which is 4.1 percent lower versus the same time last year, the seventh recorded year-over-year decline in as many months, and the slowest pace since the fourth quarter of 2015.

At the same time, while the inventory of existing homes on the market slipped 1.6 percent in September to 1.88 million homes with seasonality in play, inventory levels remain 1.1 percent higher versus the same time last year (versus 30 percent higher in San Francisco) and the year-over-year change in the median sale price dropped from 4.6 to 4.2 percent.

And out West, the pace of existing-home sales dropped another 3.6 percent to an annual rate of 1.08 million sales in September, which is 12.2 percent below its mark at the same time last year, while the median sale price slipped another 1.1 percent to $388,500 but remains 4.1 percent higher on a year-over-year basis, down from 10.2 percent higher in June.

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